Trade Law
1. International Trade Law It's the less known but possibly stronger/bigger regime than war and human rights laws. It is important because it can deal with: trade, finance, intellectual property, sea- and air travel, ICT, exploitation of sea resources, nationalization of foreign properties, etc. It is somewhat controversial in how it governs global (re)distribution of wealth, and for protection of intellectual property against common interest and it's most important institution is the World Trade Organization (WTO). 2. WTO as successor of Breton Woods era institutions •1944 is the year where forty.four allied natinos agreed the framework for the postwar ecnomic borders at Bretton Woods with the purpose of the forging of new international economical order in capitalist hemisphere. International Monitary Fund (IMF) An international organization working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. World Bank Is an international financial institution that provides loans to countries of the world for capital programs. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group, which is part of the United Nations system. Half-attempt of establishing InternationalTrade Organization (ITO) Was the proposed name for an international institution for the regulation of trade which later on led to the creation of the World Trade Organization. General Agreement on Tariffs and Trade (GATT) Was a trade treaty implemented to boost economic recovery. The primary purpose of GATT was to increase international trade through by eliminating or reducing various tariffs, quotas and subsidies while maintaining meaningful regulations. Creation of World Trade Organization Is a ruled based package deal system where countries decide whether to sign or not which set negotiations, forum and disputee of economic matters and controversies. It's main areas are GATT as free trade in goods, along with General Agreement on trades and Services (GATS) and Trade-Related Aspects of Intellectual Property Rights (TRIPS). Also sets rules on market access by prohibiting bans or quotas on imports and regulation of tariff ceilings specicfic to types of goods. Also prevents the unfair trade allowing reaction to dumping and those relying on subsidies and finally the International Regime of the World Trade Organizations aims its impliance via Dispute Settlement and trade policy reviews. 3. Trade law and the ideology Even though the World Trade is inspired on liberal economic worldview, it actually goes back on Smith & Ricardo’s claims that free trade will enhance the wealth of nations, each using their comparative advantage for example the Historically promoted EU and US, who also happen to have trade barriers themselves. Free trade as a bringer peace and prosperity is another idealistic and liberalistic thought as its considered that as less war makes more interdependence increasing trade along with income and resulting in less poverty. However, a lot of ‘free trade’ is no trade but command economy within the production chain of companies thus remaining the concentration of the benefits in developed states. There's not always a link between trade and poverty reduction but it is true that some countries had strong growth before liberlizing trade.